I’m bummed because I don’t think I can invest any more outside of retirement for approximately 10 years.
I max out all my retirement funds which is enough for a future nest egg, but always have $50,000 left over saved.
Annual savings rate after funding retirement: $50k
Current cash in a HYSA: $100k
Money invested taxable: $125k
I plan on possibly building or buying a home in the next several years (between this year and 5 years from now) and will likely need $500,000 saved in order to avoid a 6-8% mortgage (or at least pay it off). Needing $500,000, I will need to put all $50k additional yearly savings towards the mortgage for 10 years before I can invest more in the taxable account. Somewhat defeating to think about.
So do I start putting my $4,000 a month extra savings into a HYSA and grow that to $500k?